ENGLEWOOD CLIFFS, NJ−In a slightly more “modest” tax-incentive compared to others approved by the Economic Development Authority last week, Unilever would get $40 million over ten years if it retains its operations here and keeps 1,600 jobs in the state.
The EDA board also approved a $244 million ten-year tax break for JP Morgan Chase if it creates a regional technology and operating hub in Jersey City, and $78 million to a Canadian financial firm if it takes space at the Goldman Sachs tower in Jersey City when its leases in Manhattan expire. See previous story here.
Unilever could use its tax-break funding to subsidize its renovation of its current Englewood Cliffs headquarters in two adjacent buildings. The leases on those buildings expire at the end of next year. Unilever is still considering whether to renovate the 420,000 square feet at an estimated cost of $57 million.
The company said in its application for the tax breaks that it would move the jobs to either to Armonk, NY, or Stamford, CT, if incentives were not approved, because renovation in New Jersey was the most expensive option.
Jimmy's Cookies
Jimmy's Cookies got a much smaller bite of the tax-incentive program's amped-up funding under the Economic Opportunity Act. The EDA Friday voted to give the bakery $7.5 million to support its expansion to an 87,000-square-foot factory in Clifton, if it decides not to move out-of-state to Rockland County when its current lease expires in Fair Lawn.
Another $11.25 million award was approved for a Hong Kong apparel manufacturer if it opens a factory in Clifton. Better Team USA Corp. would get get the ten-year tax break if it chooses Clifton over Bethlehem, PA, where it is also looking.
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